LVMH's 2024 annual results showed organic revenue in fashion and leather goods — the group's largest division, home to Louis Vuitton and Dior — down about 3%, with group revenue of roughly €85 billion also declining slightly, per the company's published annual report in January 2025. It was the group's first full-year sales decline since 2020, and only the second in two decades, per the company's own reporting history. Wines and spirits fell hardest among divisions, at around 11% down.
Noor publishes business news from named filings and reports; figures above are the company's own disclosures.
Why does one group's number matter?
Because LVMH is the industry's proxy: its fashion-and-leather division alone out-scales most competitors, and its results are read as a read on Chinese and American demand simultaneously. The softness in 2024 sat disproportionately with aspirational customers — entry-price buyers — a dynamic the group's executives described on the annual results call, while the highest-spending clients held firmer.
The detail other coverage skipped: pricing. After several years of aggressive price increases on entry products, the aspirational buyer is the one facing the sticker shock — and the 2024 mix suggests that price ladder, not appetite alone, is what softened. Several houses responded through 2024 with entry-price capsule products aimed squarely at that tier, per the houses' own releases.
What does it mean for the season?
Expect the marketing emphasis to shift from expansion to exclusivity: fewer new-store openings, more emphasis on top-client services — a return to the pre-boom playbook. Kering's parallel difficulties in 2024, including a sharply weaker Gucci, per Kering's own releases, confirm the industry-wide pattern rather than a one-group stumble. The boom years' defining wager — that aspirational demand was structural — is the thing 2024 quietly retired.
For more context, read How to Read a Fashion Group's Earnings Report: A Guide.